State-owned carrier hasn't made a profit since the 1990 Iraqi invasion of the emirate.
Kuwait Airways Corp, the state-owned carrier being prepared for sale, has a projected loss of KD52.2m ($179m) in the fiscal year through March 2011.
Revenue in the current fiscal year is forecast at KD247.3m and expenditure at KD299.5m, according to a copy of the budget approved today by parliament. Kuwait Airways hasn’t made a profit since the 1990 Iraqi invasion of the emirate.
Kuwait Investment Authority, the country’s sovereign wealth fund, was authorised to establish a company to hold the airline’s assets, KAC Chairman Hamad Al Falah said in a March 4 interview. The fund is forming a committee that has one year to implement the privatization, Al Falah said.
Old planes, old crew, ancient thinking.. Lets put the airline out of it's misery and do away with it altogether.